Credit card processing can be confusing. We compared the merchant services of Costco, square reader, wells fargo and chase merchant services. Costco, wells fargo and chase all require you to buy expensive equipment and their rates and monthly fees are high. Square reader offers a swiper for $10, but their rates are high.

After Merchant Resources called the 1-800 listed on each of these merchant services, a variety of differences and costs of these credit card merchant services were discovered. The compilation is below:

Security threats with Square Reader. Within 10 minutes, virtually anyone with a screw driver, super glue and a little knowledge can make the square reader into a skimming swiper. ”Beware.”

The square reader is a good solution for merchants that are seasonal, since “SquareUp” does not have any monthly fees. However, for any merchant who is consistently over $100 in Visa/MasterCard volume per month, there are better options.

Wells Fargo

• Base Retail Visa/MC rate @ 2.2% and 25 cents

• Mid qualified rate @ 3.1% and 25 cents

• Non qualified rate of 4.35% and 25 cents

• Lease of terminal for $35 for 48 months or purchase terminal for $699 (FD130 terminal)

• $75 yearly fee

• $95 Setup fee

• No contract “until” filling-out personal information using a social security number, etc.

Costco

• Base Retail Visa/MC rate of 1.38% and 19 cents

• Rewards Cards Visa/MC rate of 1.99% and 19 cents

• Business Cards Visa/MC rate of 2.65% and 29 cents

• Foreign and Government Cards Visa/MC 3.55% and 29 cents

• Lease of terminal for $30 a month for 2 years or purchase terminal for $489

• Need to be an executive Costco member, so you need to pay $110 a year

Chase Paymentech

• Base Retail Visa/MC rate of 1.99% and 25 cents

• Mid qualified rate of 2.68% and 25 cents

• Non qualified rate of 3.76% and 25 cents

• $100 fee to get setup

• $25 monthly minimum

• Monthly fee of $9.95

• Free terminal with a 2 year contract

At the end of the day, you want to select a company that supports your business. You want a company that picks up the phone when you call. You don’t want to be transferred 5 times and wait 45 minutes to talk to someone.

This will not be the case with Merchant Services. You will be treated with respect.